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CNBC
Sep 28, 2012 4:00am EDT
troubled lenders. we have steve sedgwick following the story in thmadrid, but firs out to stefane in paris. it sounds like there will be a contrast with the spanish budget. it's tax hikes that seem to be the focus. >> in france it will be focus on tax hikes. that's the decision about to be announced by the french government. basically 20 billion euros in additional taxes in the budget for the next year. and only 10 billion euros in spending cuts. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.3% next year. in that case, the government will need to find an additional 5 feweuro of spending cuts on t of what will be announced today. the budget will include one very symbolic measure, new tax rate of 75% for people earning more than 1 million euros per year. it will be implemented only on around 2,000 people and it will raise only 200 million euros. so that's a symbolic measure that the p
CNBC
Oct 2, 2012 7:00pm EDT
the board. sure, steve. the upper end people would have a problem across the board. >> i like this idea a lot. i just heard about it an hour ago. but i have always believed as a supply sider that tax deductions and credits are termites in the tax code. if you can cap them, it is a sane thing to do and something that howard dean should like because it is progressive. >> steve, what i want to know, if you are in favor of limiting these kinds of deductions, then how about getting ready of the oil depletion allowance for oil companies? >> i think that is something that every manufacturer gets. that is anexpense. when you are talking about writing off a 2 million home i'm not in favor of that. >> do you realize this is the first time that we have ever agreed on anything? >> you know what, this is the right approach to go, larry. i think that mitt romney has opened up an avenue to pick up in the polls here. this plan is evolving into a flat tax. this one piece has legs to it. it has been out an hour. we can't really say. but what about the enormous cu s s in tax rates. that is kind of to
CNBC
Oct 1, 2012 1:00pm EDT
and then he'll take some questions. meantime our senior economics reporter steve leisman has been monitoring those remarks. you saw, steve, what struck rick as the standout point. what strikes you? >> well, not that. what rick put up there on the full screen was pretty much word for word what the fed said in the statement last week or when the med meeting was held. that's been known by the market. what bernanke's doing is something i guess he's been inclined to do individually, but also has to do professional as chairman because of the unique fed policy that's out there right now. didn't have to -- used to be that a fed chairman felt compelled to go out there and really sell his policies to the public. but because this fed is so much in the political crosshairs, because things the fed has done have been so unique, so unconventional, the fed chairman has to go out there and really talk in simple terms to the common man about the policies and try to explain it. there's been a lot of criticism about savers, about the effects of inflation, about the fed monetizing the debt, about the
CNBC
Oct 2, 2012 4:00pm EDT
is looking to do more deals. plus, his take on apple's future without his close friend steve jobs. and interview you won't want to miss. joining us coming up. meanwhile, let's look that the reversal on wall street. yes, we closed lower, but it was well off the lows of the afternoon. the dow jones industrial average down 0.25% this afternoon. a come back in apple, a handful of technology names. nasdaq finished positive, reversing its earlier losses with a gain on the session of 6 1/2. the s&p 500 also higher on the session. there's a look at treasuries here with yields fractionally higher on the day. as you can see there, yields moving lower and the price moving higher, pardon me. let's get straight to the markets and talk about investing in this environment. gentlemen, good see you. thank you so much for joining us. dan, let me kick this off with you. what do you think happened at end of the day today? seems this market has been trading on some worries last several sessions. yet, we did see some optimism at end of the day. >> absolutely. it's a case of perhaps, you know, still do
CNBC
Oct 3, 2012 4:00pm EDT
along with steve wood and mandy drury. thank you for joining us. let me get your take, steve. on the jobs report on friday, what should we expect? >> i think it's going to come in lighter than the adp. the adp has been a poor indicator of the jobs number. i think there's a reason the fed gave us qe-3, because they saw the softness in the labor market. i think it could come in a little on the weak side. more importantly, the official jobs number is the revisions backwards. they've been going back through previous months and knocking down those numbers. i think i wouldn't be surprised if it came in a little soft. >> kate, do you agree with that? if so, is this priced into the market? >> yes, absolutely priced in, maria. great question. what they're going to expect is for it to be terrible. if it isn't terrible, we'll see a rally. what matters most to this market is earnings. we're in pre-earnings disappointment season where we're going to float a little bit until earnings come out. we've seen a friend where earnings have beat expectations. we've gone down to earnings, earnings beat
CNBC
Oct 2, 2012 9:00am EDT
few moments. meantime, if steve jobs were alive, would he fire tim cook? we'll explore that idea in our boss segment. and we'll go from ford to gm to chrysler with one of the best septembers in years. >>> and we'll take one more look at futures on this tuesday morning after that rally that did happen on the monday that got chopped in the street. '"squawk on the street" will be back in a minute. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 trade at charles schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade up to tdd#: 1-800-345-2550 6 months commission-free online equity trading tdd#: 1-80
CNBC
Oct 1, 2012 6:00am EDT
-- steve stricker towards the end, no, i didn't think about it. and even tiger. probably would have helped if he hit that little four footer so that it was 14-14 at least we wouldn't feel bad. >> yeah, that was quite gray issue gracious. that match probably deserved to be tied. >> and that putt at the end was weak. and he still had the smile on his face, the weird smile. but that was sad. anyway, anything else going on? there really isn't, is there? >> i will give and you quick recap because you were talking about the pmis a little bit earlier out of europe. markets are up. green on the board as you can see. advancers outpacing decliners by more than 8:2. dax up 12. cac up five. despite the fact those pmis came in weak, they were actually a slight tick up. even german ones. the french numbers were slightly weaker, too. spain not up quite so much. we heard from bank company popular, desperately trying it avoid having to take official aid.co popular, desperately trying it avoid having to take official aid. stock down 12.5%. other spanish banks are up. we know 60 billion will need to be injec
CNBC
Oct 4, 2012 6:00pm EDT
they replaced him with steve bennett, a board member that has taken over as permanent ceo. it was the ceo in another company. the company grew from $1 billion in sales to $2.7 billion in sales. he also knows thou increase margins. in the first five years as intuit's ceo, they grew. bennett is the ceo that symantec needs. he is saying all the rig things. in the first day on the job, he said he conducted 90 to 120 day review of symantec. he wants to come in there and figure out what needs to be changed, throw out what doesn't work. bennett's words were music to the market's ears. in response, they went up in a straight line. shot from $13 to $17 within two weeks. 19 after six weeks. i've been waiting. even better, within a week of taking the ceo job, bennett disclosed he made a big insider purchase. he bought 89,300 shares. talk about a morale booster. bennett wouldn't be spending $1.4 billion of stock if he didn't think the company was going to turn around. he would spend $100,000 but not $1.4. now since the old ceo got the ax, we've been waiting for them to give us decent pull back so
CNBC
Oct 2, 2012 1:00pm EDT
an exclusive to our steve liesman. lael brainard, u.s. undersecretary for international affairs, just ahead. mike rowe here at a ford tell me fiona, who's having a big tire event? your ford dealer. who has 11 major brands to choose from? your ford dealer. who's offering a rebate? your ford dealer. who has the low price tire guarantee... affording peace of mind to anyone who might be in the market for a new set of tires? your ford dealer. i'm beginning to sense a pattern. buy four select tires, get a $60 rebate. use the ford service credit credit card, get $60 more. that's up to $120. where did you get that sweater vest? your ford dealer. >>> too europe now, where there is fresh concern about spain and whether and when it might ask for bailout and if so how big it could be. our next guest is part of an exclusive club and knows probably more about the european crisis and how it's impacting our economy than just about anybody. so how exclusive is her access? look at this picture from the g-20 summit two years ago, lael brainard is the key u.s. representative and incidentally, the o
CNBC
Sep 27, 2012 2:00pm EDT
that true? let's bring in rick santelli and steve liesman. steve, first to you. i say the fed is practicing trickle-down economics. what say you? >> i say you can't have it both ways. my good friend and colleague rick santelli's going to complain that the federal reserve has really hurt savers in this world today, right? okay. so who are the opposite of savers? borrowers. if you're helping savers, you can't be -- you have to be hurting borrowers. so it's actually the other way around. they're hurting savers. they're hurting people who are clipping a coupon. >> no, no, no. if my mortgage is 3,000 a month, right? and then i refi and now it's $2,600 a month or whatever it is. >> right. >> the fed is hoping i take that 400 i've just saved -- >> right. >> -- and exchange it for goods and services that i reckon will at some point trickle down through more moving or whatever. that, my friend, is trickle-down economics. >> but what if your mortgage is $1,000 a month and you just saved $200 a month? you've just helped you who's saving $200 a month. what's wrong with that? why is that tric
CNBC
Oct 2, 2012 11:00pm EDT
dismisses the value of cool. here is why that is wrong. steve ballmer before bill gates was viewed as a suit. steve jobs was viewed as bono, bond and beethoven. you don't want to spend anytime with the microsoft guys and i know steve. i sat next to him at a reunion. but when you read walter isaacson's biography of jobs. he was a man, and everyone wanted to hang with him because he was the coolest man in the room. meanwhile, google is the logical heir to apple. google has all the monetizing momentum you could have on your cell phone and that is why the stock is going higher. the default go to tech name is google. it is the financial equivalent of a judgment over who is cool. google is and microsoft isn't. the gulf is growing, which is why google up here is the one to own. stay with cramer. >> reports after the bell. i tell you i do not comment or recommend stocks on a takeover basis. it is going to send sprint further down. jim, are you abandoning sprint?
CNBC
Sep 27, 2012 12:00pm EDT
economics reporter steve liesman joins us to break it all down. durable goods, orderer were awful, horrendous, jobless claims improved, though. >> you know, i have a theory, michelle. and i think these guys to my left and on the screen over there are waiting for more specific signals from me and the economic data before they figure out -- if you think about the five down days we've had, it's down like 1.9. it's essentially a sideways move. up 46, you said highs of the day. i don't think anybody here is jumping out of the chair. that's because the signals are really mixed. take a look at the data. the gdp with durable goods down 13%. don't get too excited about that. a lot of that was aircraft orders. second quarter gdp down by 14%. midwest manufacturering, claims, though, went down 26,000 and the payroll revisions, that's through march of 2012. up by 386,000. so a little stronger employment in our rearview mirror and current. so the jobs are doing okay, i guess, is the best way to say. where gdp is weak -- >> hold on one second. can we bring up this interday chart? something has j
CNBC
Sep 27, 2012 6:00am EDT
unveiling. steve sedgwick, we have sent him to madrid. it's quieter today, steve, yes? >> this is where all the action was, the neptune fountain where the last couple of nights, especially two nights ago, we saw such hated action with rubber bullets and you can see a little bit of the barricades behind me which are still in place. same people who organized the disputes over the last couple of days, they are potentially having another one on saturday. and so we'll keep coming back until we get what they want. but they're not necessarily going to get what they want because this rajoy government are talking about cutting budgets across the board. ing a fridand the problem with n is not like greece that's the central government that created all the problems. actually it's the people themselves, the developers, the house owners and banks who basicry took on too much leverage and now the central government is being left to try to foot the bill. they're trying to get the deficit down to 4.5% deficit. quite frankly, that is pie in the skil according to pretty much all the analysts and the
CNBC
Sep 28, 2012 3:00pm EDT
disaster. would steve jobs have done that? we'll look at that coming up. >>> then, if a body is found buried in your front yard, will you move out? maybe not if it's the long lost body of jimmy hoffa. could make that home a landmark. that and more coming up on the "closing bell." stay with us. >>> certainly it was a solid third quarter for the stock market, but then you look at energy prices and how they fared. that's a different story. >> yeah, you know, if you look at oil prices here, crude prices are still down today, but what a quarter it has been. all the worries about the tensions between iran and israel with those iran sanctions going into effect at the beginning of this quarter also helping to boost. the big story this quarter, and certainly today, has been gasoline. despite the fact that normally we see prices starting to come down during this quarter, they have actually ratcheted up the best quarter we've seen in years. today we had a huge explosive short move at the end of the day, maria, that really, really punctuated the problems we're seeing with all these refinery probl
CNBC
Sep 29, 2012 4:00am EDT
steve miller band. yes, go on, take the money and run before those shares hit the market. >>> time for tweets. we had quite a reaction to our day of atonement show on wednesday which really meant a lot to me many true cra-americans know i do the show for you and i work hard every day to try to do the right thing to help you and your family save. when i get these messages i got to redouble my efforts to ignore the haters and stay true to our mission here. i'm going to share a few of them with you now to kick this off. the first is from john earl bernett who says "to all the @jimcramer naysayers, how many of you admit when you're wrong? kudos to you, jim, great show. from @kay shawn 17 who writes "is there anyone else who would even think of spending one hour admitting their mistakes over the past year besides @jimcramer on "mad money" on cnbc? >> continue to believe what you do for investors is far more valuable than what most people give you credit for. thank you for refusing to be mediocre. last one "do you know what separates you from the rest? you have humility to admit when you
CNBC
Oct 3, 2012 12:00pm EDT
with consumers. obviously as you remember, steve jobs famously panned the smaller tablets. but people seem to like them. they're serving a purpose. so apple wants to play in that game and they should. that's a smart move. >> but why should they? they already lead in the tablet department with the ipad. why dabble in something that seems to be a fairly sizable risk? >> my guess is they won't dabble. they'll go into it. and the reason it's important, mobile, all of the devices from the iphone to the tablets, are becoming platforms and folks are building apps on top of them, you standardize your household and your work around a particular operating system. in this case i chos. and this will be another one of those. if apple was missing a key device that a lot of people wanted, especially at a price point a lot of people wanted, that could hurt them over the long haul in term hes of market share. so definitely smart for them to play there. the issue is what does it do to their margins. with the mini, you may see this is a much lower margin product than the iphone. >> are they willi
CNBC
Sep 28, 2012 9:00am EDT
have read the fabulous book would know steve jobs i believe would never put an inferior product in people's hands even if it meant an apple product that he could lay claim to. and this was a major departure. we saw this with microsoft. jobs would make deals with microsoft. he didn't want to make a deal with microsoft but obviously if it was a better product he did it. >> yeah. he did. and people have raised the question as to whether steve jobs was still alive and running the company whether maps would have been released in this state or he simply would have said you stink it stinks you're fired make it better. >> you stink and i don't like you. >> also in the book it was very clear steve jobs had, not had it in for but really watching android, wanting to block that out as a competitor. this was one way of keeping google a competitor off the apple ecosystem and a lot of people on the google side would say dan niles, we talked to him earlier this week, said know what? being locked out of apple ecosystem is not good for google so maybe it was driven by that. a mistake at this point b
CNBC
Oct 1, 2012 6:00pm EDT
. don't forget life lock this week. steve in california, steve? >> caller: sunny california beach boo-ya to you from california. >> well, you've got the edge on me. >> caller: right on highway 1. >> all right. >> caller: news corp, they're going to be splitting up maybe. hear that might be a publicizing side and entertainment side -- >> 30 bucks, 30 bucks. that's where stephanie lincoln i think is headed. she's coportfolio manager with me. we think there's a $30 number comes when you break that into the pieces. it's a win. do you yahoo!? i think ceo marisa mayer is what yahoo! needed. i think she has what it takes to turn this company around. particularly when it comes to unlocking value. and the sum of the parts. congratulations, marisa. stay with us. >>> coming up industrial strength, prologis is at the center of the global supply chain. operating a portfolio of distribution centers, warehouses and commercial rstate around the world. tonight, cramer is talking to the ceo to get a real read on the economy. i don't spend money on gasoline. i am probably going to the gas station about onc
CNBC
Sep 27, 2012 4:00pm EDT
. >> but the analysts fears came back. >> hold on one second, steve. can we bring up this chart? the s&p and the dow? something just happened. i don't know what it is. we've had a sharp move. >> was the news out of spain really that good? how should you be setting up for q 4. the traders are pulling out all the stops to find your trade. >> hold on, steve. >> karen is hitting the mall for a retail bargain while josh has his eye on the trades. fresh off the trading floor, this is ""fast money.""
CNBC
Oct 4, 2012 3:00pm EDT
expect out of the jobs numbers and from this rally. >> everybody is on board. steve, how about some of the hits, runs, and errors from those feds minutes? it didn't move the markets to any great degree today. >> i think we knew where people stood. the voting members are more or less in favor of the policy that came out, which was the one, the open-ended quantitative easing. the non-voters, there are more objections there. that's where more of the hawks are in the current rotation of the fomc. i don't think we learned anything new about there being a bigger or wider split when it comes to the new policy out there. they do have work to do, guys. they're working on the calendar date guidance. they're working on a whole bunch of other stuff that's out there. for example, the fomc individual interest rate forecast, and i think the way maria led into this, that we need new information, that's absolutely true because we don't know what happens in january. it's unclear how to calibrate the incoming economic data with what the fed is going to do in january. >> yeah, so we still have a fair a
CNBC
Sep 26, 2012 12:00pm EDT
that and very few like in the high 18s now except for kb home. >> a proper squeeze, absolutely. steve. >> i hear your premise to the other ones that short interest, just off the board. what about a quote, unquote, safety bet in the home builders? what about a toll brothers with only 7% short interest? would you see money coming back into those once you see everyone out of the other names that seem a little bit unsafe? >> you think they might cover shorts and go into one less crowded? depends to the extent to which they will use the crowding information and all of the company fundamentals. not everybody is pouring over the short interest data every day like we are. we wish they would. that would be a sensible thing to do. >> will, good to see you. thank you for joining us. what do you think, you going to short the babies? >> i don't know that i will short them. as far as the option markets what they're indicating is after the huge run in the upside people are definitely scrambling and maybe because the folks like will are talking about it and maybe the fact it could have a steep fall.
CNBC
Oct 1, 2012 12:00pm EDT
here? we're getting your fourth quarter play back from pete and steve here with me and stephanie link and steve grasso and i will start with you. given what happened last week in the market, did you guys come in today a little skeptical about this move in the market and then we got the ism report and that changed your way of thinking? >> i think you always come in skeptical because you wonder how much is window dressing and how much is the market itself creating and when you look at it, i think there are great opportunities going toward the fourth quarter. i am looking at certain areas i want to remine offensive and remain opportunistic and i am looking at certain names i know you like as well and i still think apple is under valued and goes higher. that's one of the names i would point out. if our on the defensive side i am looking at the big pharma names where you are looking at the valuation and the yield as well as the big money center banks and i would also stick with something like a kkr, black stone, and a lot of students depending how aggressive or offensive or defensive you w
CNBC
Oct 2, 2012 6:00pm EDT
why that is wrong. steve bomber before bill games was viewed as a suit. steve jobs was viewed as bono. you don't want to spend anytime with the microsoft guys and i know steve. i sat next to him at a reunion. but when you read walter isaac son's by of fee of jobs. he was a man, and everyone wanted to hang with him because he was the coolest man in the room. meanwhile, google is the logical heir to apple. go google has the momentum you could have on your cell phone and that is why the stock is going higher. the gee fault go to tech name is google. it is the financial equivalent over who is cool. google is and microsoft isn't. which is why google up here is the one to own. stay with cramer. in 15 categories, including best overall car rental. so elevate your next car rental experience with the best. it's just another way you'll be traveling at the speed of hertz. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place!
CNBC
Oct 1, 2012 9:00am EDT
. microsoft's 15% year-to-date gains. and steve grasrg and citigroup was downgraded at sterne agee. a little stall because of concerns about windows 8 and whether or not it's going to be robust. q3 could be a make-or-break quarter for them. "the journal" points out, there's no place to try out the new tablet. are you going to buy a tablet just on blind faith without trying it out? >> tiff beta. it's quite exciting. but excitement doesn't necessarily equal sales. there was a downgrade of nokia saying the windows 8 operating system, not good for phones. intel seems to have lost its way with that 4% yield being the only reason to be in it. the desktop -- i feel very triceratops here with this. >> how about the story in "the times" over the weekend about meg whitman? >> they still make a lot of them. but the question is, is it really a business you want to be in? >> do you remember scm? >> yes. >> smith corona mar chant. they were making electric typewriters like they were going out of style. >> that "times" story, not a lot that we didn't already know in terms of what hp is trying to acc
CNBC
Oct 3, 2012 12:00am EDT
about what triggered the price rise. as steve kroft reported in 2009, many people believe it had more to do with wall street speculation than with oil companies. >> to understand what happened to the price of oil, you first have to understand the way it's traded. for years, it's been bought and sold on something called the commodities futures market. here at the new york mercantile exchange, it's traded alongside cotton and coffee, copper and steel by brokers who buy and sell contracts to deliver those goods at a certain price at some date in the future. it was created so that farmers could gauge what their unharvested crops would be worth months in advance, so that factories could lock in the best price for raw materials and airlines could manage their fuel costs. but in late 2007, that market started to behave erratically. and when oil doubled to more than $147 a barrel, no one was more suspicious than dan gilligan. >> we have to make sure that the futures market is an honest market. >> as the president of the petroleum marketers association, he represents more than 8,000 retail and
CNBC
Sep 27, 2012 7:00pm EDT
be his last chance. let's bring in our guest to comment on this. we have harry melver, steve moore oig and phil reducer. steve, i went off the rails and went off hfr-i was so angry at this wall street news story story. romney tempers tax plan, dialing back his tax code, suggesting that he's going to remove tax deductions from the middle class. he didn't talk a bit about take home pay and lower tax rates. and frankly, i was angry and confused and if i don't get it, i suspect the public may not get it. >> yeah, i watched the show last night, i saw that anger. and i share that anger. you know, look, there's an order rule of politics, either you're on offense or defense. and too much of this campaign over the last month mitt romney has been on defense. he talked about his tax cut plan defensively. he was pulling back on it saying you're not going to get a big tax cut here because every dollar we give in you rate reduction we'll take away a deduction from you. that's not the way it to sell a tax cut. it's putting more money in people's pockets and be inning incentives. i want to see mit
CNBC
Oct 2, 2012 3:00pm EDT
talk with all of you. >> thanks, bill. >> steve and rick, get along, would you? okay. where were we, maria? how's san francisco? >> everything's good. it's gorgeous here. i didn't realize how hot it would be. we're following the oracle story. they made some big announcements here about the cloud. we have a market that is about to really focus on fundamentals, i think. >> we were down about 90 points at the low. the dow is down 66 now with about 55 minutes to go today. >> don't go anywhere. we've got much more ahead on this huge edition of the "closing bell." >>> coming up, shooting from the lip. outspoken and controversial former yahoo! chief carol barts weighs in on the future of the tech giant and whether it's heading in the right direction. >>> plus, the oracle of oracle. maria sits down for an exclusive interview with larry ellison. what game changing products does the firm have in the pipeline, and what will the free-spirited ceo buy next? find out straight ahead. >>> and class action. in another exclusive, the man in charge of settling claims against convicted sexual offender
CNBC
Sep 27, 2012 1:00pm EDT
will talk about some of the bad pigs in a minute, but first senior economics reporter steve liesman with the story of some vindicated doves. >> because the new game is called "bad piggies." that's where we're coming from. >> and we're only doing this because the producer jason gawertz made us do this. he said could we think of an app that would apply with today's data and i did. it's called vindicated doves. at least initially here, why is that? because essentially the economic data came in weak. let me show you what the economic data showed. the numbers come in you're looking for 5.6% positive -- or negative. you get minus 13.2 off a prior 3.27%. i think the dove says i don't care i had this one right. gdp took .4 off the prior print right there. midwest manufacturing down negative. p and pending home sales much changed from the prior month from positive to negative. take a look at some of the comments here. vindicated doves. anyone facing doubt about the need forred 23ed's recent stimulus must surely be silenced by the surprising weakness of the data coming out of the u.s." anothe
CNBC
Sep 28, 2012 2:00pm EDT
sorry. but why? would steve jobs have done it this way, mandy? >> that's a very good question. with the minus signs still on the board, folks, stocks well off their lows. dow was down as many as 118 points earlier, and despite today's remaining losses it's still on track for its eighth monthly gain out of nine so far this year. the s & p 500 is also about to conclude a high september and third quarter but it is limping to the finish. right now on track for its sixth loss in seven sessions and eight down days out of the past ten. here's some more stats. nasdaq also down today but it is on pace to chalk up the biggest third quarter gain of the major averages, up about 6.5% over the past three months. i'll take that any day. let's turn it over to bob and rick on these markets. bob, i'm going to get out to you first of all. so much for d cumming, right? we did it again yesterday mir reporting when we got those results from spain. are markets smooth to off their lows? >> recapitalization about in line with expectations. i think more importantly a lot of people are straight the fourth qua
CNBC
Oct 3, 2012 9:00am EDT
firing tim cook. i love that. steve jobs would fire tim cook. he would fire everyone involved in maps and he would berate them in front of everyone. he was not a nice man and yet everyone loved him anyway. >> lifelock posted a little below the range. maybe a little disappointment there. i might be able to see that. certainly one that we're going to watch, a big week for ipos, of course, one of the busiest. berry plastics tomorrow and pretty sizeable deals. >> and one of the things that we need to see is some pulse down here. there was a lot of social media, people got gaffed. any time you see new companies, you think, maybe i should stop shorting goldman sachs and maybe there is a sign of capital formation. p excellent show stopper yesterday. and mark cuban was so great and the destruction of the capital markets. cuban, cooperman, these guys are not idle thinkers. they are the best we have. and high frequency trading has destroyed a lot. >> and suggesting you tax intraday trades 50%, trades less than a minute, 100%, that would cut down on it in a hurry. >> no one wants to put the geni
CNBC
Sep 28, 2012 12:00pm EDT
move through the session. let's bring in steve leaseman. not a lot of big surprises here. >> the market reaction might be a surprise. how many times have you and i been here with europeans disclosing what they say is the final final accounting and nobody believes them. so it's very early to say. but the question has to be asked on this discussion, in my opinion. are we at a point where the market might finally begin to disclosures of a european bank supervisor that now we're accounting for it? there's two parts to the equation. we have a means for making it up. fascinating article. europe needs to have a bank bailout like we had in the u.s. get the banking system going again, you need to plug it with public money. so the question becomes, and i know this is early, but it's what you have to figure out. does the market believe this number, this process? which by the way, was done by an independent consultant and it's something they can stand behind that puts the totality of the problem outdomain. >> acknowledging you have a problem is the first step. the question is who pays the bi
CNBC
Oct 2, 2012 6:00am EDT
morning. what mr. zells said is similar to what steve jobs said before passing away. this is a country where it is just too hard to do business in. >> yeah. i was going to say, you're not much of a golfer guy but a tennis guy, right? >> ryder was just a collapse. >> yeah. we let pollster on -- for me it was going to a shrink or something. it was come peopling but my heart was racing, i had butterflies in my stomach and didn't think it could happen. when it did, i felt hollow after it. >> i had a bunch of guys going to the eagles/giants game. you would have thought either of the games would have been talked about. the ryder cup is all i heard about. people felt bad for america. it was a patriotic thing. >> for one eagle moment, i just thought, i don't know, ma lays, i thought, we can't do this right. >> if they come in with cardigan sweaters the next time we see the golfers with the cardigan and have to start talking about turning down the thermostat, it is pool game over. >> all right. jim, thank you. we'll see you in a few minutes. >>> all right. we'll see jim in a few minutes at the
CNBC
Oct 4, 2012 4:00am EDT
, 94 would start providing some relief and that's where we'd like to see it. >> steve, thanks for that. still to come, despite stellar growth, malaysia's leader says the country still hasn't fully tapped its own potential. exclusive interview with the prime minister coming up. >> we are trying to develop the support very strong domestic economy. and the engine will come from the domestic economy. that's why we've done everything possible to encourage it necessary tick i domestic investment. >> also results of the spanish bond auction. julia is in madrid. >> thanks, beccy. expect to go well despite relatively chunky 4 billion euros at the top end. we will bring you all the latest after the break. >>> waiting on spain. ecb expected to hold steady on rates when central bankers meet today. the country's president tells cnbc that europe's policymakers must remain focused. >> about if we get bogged down discussion of what was hent by the june agreements and waste time on this kind of discussion, then it's much less likely that a company here represent system will emerge. >> madrid continues
CNBC
Sep 26, 2012 3:00pm EDT
the technical side, ennis tanner. on the fundamental side, steve cortez. good to have you on the program. thank you so much for joining us today. ennis, let's talk charts. which stock looks better? >> so let's look at barnes & noble first. normally i like to buy strength and sell weaknesses. barnes & noble over the last four years has been between $10 and $25. $10 has been strong support. book value is around $12. i think this is an important support level. i expect barnes & noble to bounce off of that important $10 support area. in contrast, amazon, i think, is at an entry point that's much more dangerous. amazon has been in a much stronger four-year up trend. the four-year chart of amazon from 2008 to 2012 is basically a great bull market. >> good looking chart. >> very good looking chart. normally i'd like this. in the last year, it really has encountered resistance at 250. i think this is a much riskier entry than barnes & noble. >> so you're not of the belief that when a chart is looking this good that it continues to go up. >> normally i do like to buy strength and sell wea
CNBC
Sep 27, 2012 5:00pm EDT
want to be long on a pull back. i think inevitably you get the rally that you can sell. >> steve is making the point here with the three days of declines prior to today that apple stock actually factored in those supply disruptions already. >> no doubt about it. supply disruptions, we knew that this was going to be a big ramp and they were launching it out in a lot of other areas than they had in the past. they needed a lot more products. the demand will be there. at the end of the day i think the focus is going to be on how much an upgrade this is. people who bought the 4s last year, how much of an upgrade is this. the expectations got out of control heading into this opening weekend. >> right. >> to testimonier the expectations going into the holiday season. >> you can probably -- on a relative basis to other analysts on street, maybe steve milanovich is a bear. he's still optimistic about apple in general, when i asked him about lowering the shipments by 6 million, i asked if that would be simply booked in the next quarter. he said not necessarily. but there is a risk, he believe
CNBC
Sep 26, 2012 2:00pm EDT
go to cnbc's own steve sedgwick in madrid. what's the situation on the ground? >> yeah. on the ground in this part of madrid we are just waiting to see if we see a recurrence of the violent scenes we have seen in the last 24 hours. scenes i have seen too much in greece and basically people are protesting against the kind of austerity that we know has to come if this country will get itself back on its feet. the austerity bill gross was talking about in order to reassure the markets and those euro zone partners that spain is serious about getting the budget under control. this is a government that's struggling to bash a mole, so to speak. it bashes one problem, another comes up. if it bashes the banking sector then catalonia or andalusia comes up again. we heard how severely this could affect the population. it's a population that isn't worried about recession. the economy has contracted double digits since 2008. we are in the midst of an enormous housing crisis. that's how we got into the big mess in the first place. the austerity may well please the markets. it may please the
CNBC
Sep 27, 2012 9:00am EDT
focus on. >>> let's head across the pond on spain. steve sedgwick is in madrid with the very latest. steve. >> reporter: yeah, melissa, thanks very much. a lot of the points you guys just mentioned, very true. we've got an economy in recession, high employment, a vicious housing market which unlike the u.s., which is stabilizing as we just heard, it's still got a couple years till we get to the bottom. we're only down about 25%, some say it needs to be double that before we see stability. the banking crisis, you mentioned as well, and also i think what is the key point as well, task masters. there are task masters everywhere. they're bond markets who want to see vicious reform in austerity if investors are going to buy those bonds. northern europeans, germans and brussels who want to see strenuous action from the government in order to backstop the government with potentially buying of its bonds. herein lies the problem. this is a country that has tried austerity. it's not like greece that's been dragging its feet. lehoy has enacted over 60 billion euros' worth of reforms, over 2 1/
CNBC
Sep 27, 2012 4:00am EDT
quite a bit of time on the iberian peninsula. >> at least steve is. we've sent him down there to cover the situation on the ground and the's remarkable because we knew heading into the budget today that we might get some unrest, but i think it survived everyone how soon it began and the scale to which it has spread. speaking of which, protesters gathering in madrid raised their call for the spanish government to resign. demonstrators again clashed with police, which left 64 injured and led to 38 arrests. prime minister rajoy's reforms have proved deeply unpopular. out to steve sedgwick now who is following the story. steve, are we expecting the intensity of the protests to increase? >> i don't think we are. they've made their point in some cases violently. this is another protest scheduled for saturday evening. just have a look at what's going on in the sxaexact area. this is the neptune fountain, this is the heart of the madrid heart and we have the five star hotel that kelly i'm sure you've stayed at many a times. and this is the area which leads up to the congress, to the parl
CNBC
Oct 3, 2012 6:00am EDT
out on this one. you think of people like steve balmer, jim cramer. >> but there is science behind this. >> more testosterone. >> it's the testosterone that kills the hair. you're more aggressive. you're an aggressor. >> how do you keep your hair? >> if zucker was still -- i would be nicer, he has a full head of hair so i'm not afraid right now. if some guy who is unfortunately is bald happens to end up in a powerful position, it's not because of being bald, it's in spite of being bald. toupees look like crap. you can't buy a decent toupee. >> rarely bald anymore. maybe works in business, not in politics, i don't know. kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i us
CNBC
Oct 3, 2012 6:00pm EDT
microsoft propagated opting for a closed system to be controlled by one man, steve jobs. one look at the market capitalizations shows the wisdom of jobs' position. more important for this matter is the fact that microsoft's customers ended up in a business that reminds me of the uncoded free sheet paper business, the commodity where there can be no value added. yes, they, the customers, the dells and hewlett-packards, are the true losers of the bill gates movement. hewlett-packard isn't just personal computing but it's printing and consulting. i loathe the printers. as far as consulting goes, take a look how well their competitors are doing. the companies i work for, i pray they see the light and go apple. hewlett-packard is a huge company with quite a hold on the tech budgets of big corporations. but the company will eventually will ripped out of the enterprise. you can't have something that young people hate prevail forever. funny thing, younger people, they get older. and they take the reins from the relics who jammed dell and hewlett-packards down our throats. so good luck to the new
CNBC
Oct 2, 2012 4:00am EDT
call for bonuses to be paid in debt. we'll hear from the central bank later today. meanwhile steve hester has called for banks to readjust back to a more customer focused approach. speaking at the london school of economic, he said lenders need to restore good customer service to regain trust of the public and rbs is the poster child for what went wrong in banking. and eric snyderman is suing jpmorgan. the suit partly the result of a federal mortgage task force formed in january. investors lost around $22 billion and more than 100 securities. jpmorgan says the suit involves actions taken at the behest of the u.s. government. jpmorgan stock closing up 1.2%. and "new york times" says u.s. senate will try to use the lame duck session to reach a comprehend len sif deal to cut the deficit instead of a short term solution. lawmakers will reportedly agree on a specific target likely around $4 trillion over ten years and they would vote to put off the automatic tax hikes and spending cuts set to take effect in january. but with the deficit coming down payment to signal how serious they are
CNBC
Sep 26, 2012 12:00am EDT
facility, almost certainly with some u.s. involvement. but as steve kroft reported in march of 2012, the implications and possible consequences of this new kind of warfare are now being studied intensely. >> i do believe that the cyber threat will equal or surpass the threat from counter terrorism in the foreseeable future. >> there's a strong likelihood that the next pearl harbor that we confront could very well be a cyber attack. >> we will suffer a catastrophic cyber attack. the clock is ticking. >> and there's reason for concern. for more than a decade, the u.s. military establishment has treated cyberspace as a domain of conflict, where it would need the capability to fend off attack or launch its own. that time is here, because someone sabotaged a top secret nuclear installation in iran with nothing more than a long string of computer code. >> we have entered into a new phase of conflict in which we use a cyberweapon to create physical destruction and, in this case, physical destruction in someone else's critical infrastructure. >> few people know more about the dark military art o
CNBC
Oct 3, 2012 11:00pm EDT
, steve jobs. one look at the market capitalizations shows the wisdom of jobs' position. as apple is currently worth about 2.5 times what microsoft is worth. more important for this matter is the fact that microsoft's customers ended up in a business that reminds me of the uncoded free sheet paper business, the archetypal commodity where there can be no virtually no value added. yes, they, the customers, the dells and hewlett-packards, are the true losers of the bill gates experiment. hewlett-packard isn't just personal computing but it's printing and consulting. i loathe the printers. each machine has a different cartridge type i never remember the number when i get to the store. as far as consulting goes, take a look how well their competitors are doing. i pray that those companies that the companies i work for, one day, will see the wisdom and adopt apple so i can chuck these silly constantly freezing machines into the toxic waste pit that should be their -- that will put them elsewhere. hewlett-packard is a huge company with quite a hold on the tech budgets of big corporations. b
CNBC
Oct 1, 2012 3:00pm EDT
our steve liesman this morning on cnbc. listen. >> in my opinion, we'd continue with the asset purchases until we see payroll employment more like 200,000, 250,000. >> you're saying continue at 85 billion into all of 2013? that would be your recommendation? >> this is my recommendation. >> so is the fed's bond buying spree fueling the markets and should we be worried it won't last? that's what we're talking about right now. eric is with us of gerring wealth management. he says yes. gary clark says be defensive knew, expect a rally after the election. thanks for joining us. harry, why do you expect a rally after the election? we'll get nr clarity then? >> that's one thing. the uncertainty is the death of the market. i think we're going to get a correction first. the market is tired. the tired gain of last month was two days. ecb day and qe forever day. that's not good for the markets. the market needs a correction. think now anywhere from 5% to 8% will do it. a lot of money out there waiting to get in the market. they missed it. that's a lot of reason a rally. a lot of money tha
CNBC
Sep 28, 2012 6:00am EDT
budget and steve sedgwick will be joining us live with more on all of that in just a few minutes. france is also announcing its budget plans today. president hollande said that the budget will be the toughest in 30 years. government needs to find about $39 billion of spending cuts or deshl resources to meet its 2013 deficit target. and fitch is lowering its 2012 growth forecasts both for china and india. citing deteriorating outlook of the global economy. so not a great way to start the morning. >> no, not great, but i like seeing what we did -- i saw ge and i was going to tell whoever thinks that we need to kiss up to them still -- >> minority partner. >> they are. but comcast would have been a better -- or we could have done both. and did i see something that it had first quarter, second quarter, third quarter? what do i need in the fourth quarter to get to the 30%? do we hahave that anymore? is that gone? no, they don't have it. >> i saw the dow, s&p and nasdaq. >> what did it add up to? adds up to like 15 or so. >> i just saw for this quarter. >> oh, it didn't show first quar
CNBC
Oct 4, 2012 2:00pm EDT
, mandy. >>> but first, those fed minutes right now with steve leisman. steve? >> brian, thanks very much. these are the minutes from the monumental meeting where the federal reserve decided on open-ended quantitative easing. the minutes show all members but one, the dissenter jeffrey lacker, agreed on quantitative easing. deciding without additional qe, the labor market would not improve given the underlying economic fundamentals. among the reasons for the decision, they looked at the europe crisis saying it polesed economic downside risk. members were concerned with the upcoming u.s. fiscal cliff and a number of participants highlighted the uncertainty of qe. i talk about members in the first part. those are voters. now participants are the fuller board. as we'll see in a little bit, this fuller board includes hawks but they're not in the voting rotation right now. some of those object as they say qe probably works best under financial market stress, not under the current conditions. it won't help an economy plagued by uncertainty. it could complicate the tightening of policy when it is
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